IAMGOLD Announces Côté Gold Project Progress Update And Positive Results Of The 2023 Gosselin Drilling Program

Oct 25, 2023 | Ontario Mining News

IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) is pleased to announce an update for the Côté Gold project highlighting the construction progress in the third quarter, alongside additional assay results from its continuing diamond drilling program at the Gosselin zone discovery located immediately adjacent to the Côté Gold deposit. The advancement of Côté Gold and the Gosselin delineation drilling program is being undertaken as part of the Côté Gold joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (“SMM”). Côté Gold is located in Ontario, Canada and is currently under construction with production expected to commence in early 2024.

Highlights of Q3 2023 Côté Gold Construction Progress

  • As of September 30, 2023, overall project progress for Côté Gold was estimated to be 90.6% complete, with construction progress approximately 92% complete.
  • Strong performance on health and safety during peak construction with over 1,800 workers at site – bringing total project hours worked to 13.2 million hours with a project-to-date TRIFR of 0.68.
  • Earthworks on the TMF has allowed the dams to achieve elevation milestones to enable the filling of the TMF with water to store the 1.1 – 1.5 million cubic metres required for commissioning and initial operation.
  • Demobilizing contractor with IAMGOLD operating teams successfully taking control of pit, dewatering, pioneer drilling and overburden stockpile activities from the contractor.
  • Significant progress in the dry and wet areas of the process facility, as bulk construction activities are winding down, ushering in the finishing and completion stages.
  • Electrification of the site is ongoing following connection to the provincial hydro grid.
  • Commissioning and Pre-commissioning teams are working with construction teams to coordinate the overlapping of pre-operation activities with remaining construction.
  • Autonomous mining haul trucks have continued to ramp up, with ten CAT 793F currently operating autonomously and a total of fourteen commissioned.
  • Mining activities have built the current ore stockpile to 3.7 million tonnes of material, on track to the target build-up of 5.0 million tonnes by the end of the year.
  • Hiring of key positions for operations has progressed well with 400 roles filled to date.

Highlights of the Gosselin drilling program

  • 472.0 metres (“m”) at 0.65 grams per tonne gold (“g/t Au”) in drill hole GOS23-131 from 152.0 m including:
    • 51.0 m at 1.59 g/t Au from 389.0 m;
  • 356.0 m at 0.82 g/t Au in drill hole GOS23-133 from 275.0 m including:
    • 132.0 m at 1.09 g/t Au from 440.0 m;
  • 300.8 m at 1.40 g/t Au in drill hole GOS23-134 from 554.5 m including:
    • 207.3 m at 1.71 g/t Au from 648.0 m;
  • 240.0 m at 1.53 g/t Au in drill hole GOS23-136 from 318.0 m including:
    • 120.0 m at 2.26 g/t Au from 421.0 m;
  • 500.8 m at 0.72 g/t Au in drill hole GOS23-144 from 182.0 m.

Renaud Adams, President and Chief Executive Officer of IAMGOLD, stated: “It is an exciting time for IAMGOLD as we near the finish line of construction at Côté and start a new chapter at IAMGOLD. This is a project that is critical for the repositioning of this company, as when Côté Gold comes online, the Company will have a significantly higher production base and lower cost profile, providing a strong foundation of cashflow and growth opportunities in Canada. We have seen remarkable progress and transformation of the project and we are excited to host our investor and analyst tour at site tomorrow to allow for the group to not only see the advancement of the asset but to have the opportunity to see the confidence of the team on the ground as we approach commissioning and the ramp up of production next year.”

Commenting on the Gosselin drilling program, Craig MacDougall, Executive Vice President, Growth for IAMGOLD, stated: “This diamond drilling program has strategically targeted the expansion potential of the Gosselin deposit at depth, specifically below the East and newly discovered West hydrothermal breccia bodies, the gap area between these breccia’s, and also along the southern edge of the deposit. The assay results confirmed the extension of gold bearing altered and mineralized hydrothermal breccia and associated tonalite intersected in numerous drill holes up to 400 metres vertically below the previous resource pit shell over an approximate one-kilometer strike length. The results are very encouraging and indicate that the Gosselin deposit, subject to the completion of further delineation drilling, has potential to expand in size similar to the adjacent Côté deposit.”

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